Instructions For Form 1120-Ric - U.s. Income Tax Return For Regulated Investment Companies - Internal Revenue Service - 2010 Page 3

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Definition of a Fund
instructions of the court authorizing
2. Schedule O (Form 1120).
signing of the return or form.
3. Form 4626.
The term “fund” refers to a separate
4. Form 4136.
Note. If this return is being filed for a
portfolio of assets, whose beneficial
5. Additional schedules in alphabetical
series fund (as defined in section
interests are owned by the holders of a
order.
851(g)(2)), the return may be signed by
class or series of stock of the RIC that is
6. Additional forms in numerical order.
any officer authorized to sign for the RIC
preferred over all other classes or series
in which the fund is a series.
for that portfolio of assets.
Complete every applicable entry space
If an employee of the RIC completes
on Form 1120-RIC. Do not enter “See
When To File
Form 1120-RIC, the paid preparer’s
attached” instead of completing the entry
space should remain blank. A preparer
Generally, a RIC must file its income tax
spaces. If more space is needed on the
who does not charge the RIC to prepare
return by the 15th day of the 3rd month
forms or schedules, attach separate
Form 1120-RIC should not complete that
after the end of its tax year. A new RIC
sheets using the same size and format as
section. Generally, anyone who is paid to
filing a short period return must generally
the printed forms. If there are supporting
prepare the return must sign it and fill in
file by the 15th day of the 3rd month after
statements and attachments, arrange
the “Paid Preparer Use Only” section.
the short period ends. A RIC that has
them in the same order as the schedules
dissolved must generally file by the 15th
or forms they support and attach them
The paid preparer must complete the
day of the 3rd month after the date of
last. Show the totals on the printed forms.
required preparer information and:
dissolution.
Enter the RIC’s name and EIN on each
Sign the return in the space provided
supporting statement or attachment.
If the due date falls on a Saturday,
for the preparer’s signature; and
Sunday, or legal holiday, the RIC may file
Give a copy of the return to the
Tax Payments
its return on the next business day.
corporation.
The RIC must pay the tax due in full no
Private delivery services
Note. A paid preparer may sign original
later than the 15th day of the 3rd month
or amended returns by rubber stamp,
RICs can use certain private delivery
after the end of the tax year.
mechanical device, or computer software
services designated by the IRS to meet
program.
Electronic Deposit Requirement
the “timely mailing as timely filing/paying”
rule for tax returns and payments.
Beginning January 1, 2011, RICs must
Paid Preparer
These private delivery services include
use electronic funds transfers to make all
Authorization
only the following.
federal tax deposits (such as deposits of
DHL Express (DHL): DHL Same Day
employment, excise, and corporate
If the RIC wants to allow the IRS to
Service.
income tax). Forms 8109 and 8109-B,
discuss its 2010 tax return with the paid
Federal Express (FedEx): FedEx
Federal Tax Deposit Coupon, cannot be
preparer who signed the return, check the
Priority Overnight, FedEx Standard
used after December 31, 2010. Generally,
“Yes” box in the signature area of the
Overnight, FedEx 2Day, FedEx
electronic funds transfers are made using
return. This authorization applies only to
International Priority, and FedEx
the Electronic Federal Tax Payment
the individual whose signature appears in
International First.
System (EFTPS). However, if the RIC
the “Paid Preparer Use Only” section of
United Parcel Service (UPS): UPS Next
does not want to use EFTPS, it can
the RIC’s return. It does not apply to the
Day Air, UPS Next Day Air Saver, UPS
arrange for its tax professional, financial
firm, if any, shown in that section.
2nd Day Air, UPS 2nd Day Air A.M., UPS
institution, payroll service, or other trusted
If the “Yes” box is checked, the RIC is
Worldwide Express Plus, and UPS
third party to make deposits on its behalf.
authorizing the IRS to call the paid
Worldwide Express.
Also, it may arrange for its financial
preparer to answer any questions that
institution to initiate a same-day tax wire
The private delivery service can tell
may arise during the processing of its
payment (discussed below) on its behalf.
you how to get written proof of the mailing
return. The RIC is also authorizing the
EFTPS is a free service provided by the
date.
paid preparer to:
Department of the Treasury. Services
Private delivery services cannot
Give the IRS any information that is
provided by a tax professional, financial
!
deliver items to P.O. boxes. You
missing from the return,
institution, payroll service, or other third
must use the U.S. Postal Service
Call the IRS for information about the
CAUTION
party may have a fee.
to mail any item to an IRS P.O. box
processing of the return or the status of
To get more information about EFTPS
address.
any related refund or payment(s), and
or to enroll in EFTPS, visit ,
Respond to certain IRS notices about
Extension of Time To File
or call 1-800-555-4477. Additional
math errors, offsets, and return
information about EFTPS is also available
File Form 7004, Application for Automatic
preparation.
in Pub. 966, The Secure Way to Pay Your
Extension of Time To File Certain
The RIC is not authorizing the paid
Federal Taxes.
Business Income Tax, Information, and
preparer to receive any refund check,
Other Returns, to request a 6-month
Depositing on time. For deposits made
bind the RIC to anything (including any
extension of time to file. Generally, the
by EFTPS to be on time, the RIC must
additional tax liability), or otherwise
corporation must file Form 7004 by the
initiate the deposit by 8 p.m. Eastern time
represent the RIC before the IRS.
regular due date of the return.
the day before the date the deposit is
The authorization will automatically
due. If the RIC uses a third party to make
Who Must Sign
end no later than the due date (excluding
deposits on its behalf, they may have
extensions) for filing the RIC’s 2011 tax
different cutoff times.
The return must be signed and dated by:
return. If the RIC wants to expand the
The president, vice president,
Same-day wire payment option. If the
paid preparer’s authorization or revoke
treasurer, assistant treasurer, chief
RIC fails to initiate a deposit transaction
the authorization before it ends, see Pub.
accounting officer or
on EFTPS by 8 p.m. Eastern time on the
947, Practice Before the IRS and Power
Any other corporate officer (such as tax
day before the date a deposit is due, it
of Attorney.
officer) authorized to sign.
can still make the deposit on time by
If a return is filed on behalf of a RIC
using the Federal Tax Application (FTA).
Assembling the Return
by a receiver, trustee, or assignee, the
Before using the same-day wire payment
To ensure that the RIC’s tax return is
fiduciary must sign the return, instead of
option, the RIC will need to make
correctly processed, attach all schedules
the corporate officer. Returns and forms
arrangements with its financial institution
and other forms after page 4, Form
signed by a receiver or trustee in
ahead of time. Please check with the
1120-RIC, in the following order.
bankruptcy on behalf of a RIC must be
financial institution regarding availability,
accompanied by a copy of the order or
1. Schedule N (Form 1120).
deadlines, and costs. To learn more
-3-

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